IFC Explores Investment Opportunities in Southern Sudan

Juba, Southern Sudan, November 11, 2008—IFC,
a member of the World Bank Group, recently announced that it will explore
investment opportunities in Southern Sudan, one of Africa’s poorest conflict-affected
regions, following successful investment climate reforms. New opportunities
are emerging in such sectors as energy, construction materials, hotels,
trade finance, and microfinance.
Jean Philippe Prosper, IFC Director for Southern and Eastern Africa, signaled
IFC’s increasing confidence in potential investment projects following
a recent visit to Southern Sudan. The region was granted autonomy from
Sudan at the end of a 22-year civil war in 2005 and operates under the
authority of a regional government. It has some of the world’s worst social
indicators, but conditions have been improving since the end of hostilities.
The regional government recently enacted four investment laws to help provide
a sound legal framework that supports private investment. With help from
IFC, it also established a business registry that has registered more than
3,600 companies since May 2007.
“More stable conditions on the ground and an improved business environment
have created the right conditions for IFC and other investors to consider
new investments in Southern Sudan,” said Prosper. “IFC wants to do more
to encourage investment that creates new opportunities for the people.”
Laurence Clarke, Manager of the World Bank Sudan office, said, “The World
Bank will do all it can to assist IFC and private businesses in supporting
key sectors that will contribute to Southern Sudan’s rapid development.”
An investment climate team comprising staff from IFC and FIAS, a multidonor
investment climate advisory service of the World Bank Group, has been providing
assistance to Southern Sudan since 2006 and helping build local capacity
to support and implement business environment reforms. To date, the team
has helped review and draft 11 pieces of legislation, four of which have
been enacted and published. It is also helping establish theSouthern
Sudan Investment Authority and a consultation mechanism for public-private
dialogue.
IFC and the World Bank also plan to help the regional government organize
an investor conference in the near future.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About FIAS: The Investment Climate Advisory Service
FIAS assists the governments of developing countries and transition economies
in reforming their business environment, with emphasis on regulatory simplification
and investment generation. It collaborates closely with donors and World
Bank Group partners to leverage value and deliver tangible results for
client governments. FIAS is managed by IFC and supported by the Multilateral
Investment Guarantee Agency and the World Bank. For more information, visit
www.fias.net.